Categories

Recent Comments

Find us on Facebook

Follow us on Google+

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

Oil prices retreated from four-year highs on Thursday, a day after data pointing to the largest biggest build in U.S. crude stockpiles since March 2017 and reports that Russia and Saudi Arabia reached a private agreement last month to increase oil output. London traded Brent crude futures were down 0.44% to $85.90 a barrel from their last close, pulling back from the high of $86.74 reached Wednesday, the most since November 2014.

Gold prices rose to fresh two-week highs on Thursday as the dollar reversed early gains and U.S. stocks opened lower as a spike U.S. bond yields weighed, bolstering safe haven demand for the precious metal. December gold futures were up $4.90 or 0.4% to $1,207.70 by 09:59 AM ET (13:59 GMT) on the Comex division of the New York Mercantile Exchange, the highest since Sept. 24.

Oil prices on Thursday slipped from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output. Brent crude oil futures (LCOc1) were trading at $86.14 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. Brent on Wednesday hit a four-year high of $86.74 a barrel, lifted by expectations of a tightening market ahead of U.S. sanctions that will target Iran’s oil exports from next month.

ECONOMY NEWS

Federal Reserve Vice Chair Randal Quarles said on Thursday the world’s central banks, including the Fed, risked “quite bad” outcomes if they let themselves be influenced by political considerations. “The outcomes of central banking, particularly in monetary policy, but also in financial regulation, can turn out to be quite bad if they are too subject to the political pressures of the moment,” Quarles said at a community banking conference in St. Louis.

The dangers linked to Brexit for Europe continue to be underestimated, European Central Bank policymaker Ewald Nowotny said on Thursday. “In Europe we have … the challenges emerging from Brexit,” Nowotny, who sits on the ECB’s Governing Council as the head of Austria’s central bank, told a conference on financial supervision.

European regulators need to be braced for financial market volatility if very clear progress is not evident in Brexit negotiations by November, Irish Central Bank Governor Philip Lane said on Thursday. “If in the coming weeks the probability of a hard Brexit goes up, that can be in itself damaging even if it ends up to be okay by the end of March (when Britain leaves),” Philip Lane, who is also a member of the European Central Bank’s Governing Council, told an Irish parliamentary committee.